- Ethereum is set to soar as Bitcoin’s dominance declines
- The asset is gathering momentum at its current levels
- Ethereum’s long-term outlook is bullish
Ethereum News Today – Ethereum price has been bullish for the last month after it shifted towards a daily upward pattern back at the start of 2020. The price of Ethereum has posted a 40% increase since 1 January and continues to record more gains. Ethereum has recorded a healthy consolidation in the last week after it peaked at the $179.32 area.
The bulls have also bounced back from the 26-day EMA at $154.4 three days ago. Now the digital currency has picked up plenty of momentum. The nearest resistance level is at the $174.05 area and the high point of $179.32.
Ethereum (ETH) Price Today – ETH / USD
Vitalik Buterin Agrees That Ethereum is Bullish
A few hours earlier, the twitter user with the name ‘Whale Crypto Investor’ tweeted that “Ethereum price is bleeding daily.” Vitalik Buterin, Ethereum’s founder responded to the tweet by saying the opposite that Ethereum looks stronger than ever which is unusual coming from Buterin who does not make any comments on digital asset prices. Finally, the twitter user criticized Ether over a lack of any ‘visible work’ in the past 2 years.
The comments made by Buterin are surprising because Ethereum has initiated their transition to 2.0 in recent weeks and the network are moving their new Proof of Stake consensus protocol. Additionally, the price of Ethereum has gained a little bit of market domination. ETH had around 7.19% market cap dominance by December 27, 2019. The digital asset has 7.7% market dominance, which is a huge increase.
Ethereum Price Outlook is Bullish in the Long Term
We can see that the price of Ethereum is looking good for the short-term outlook. However, for the long term outlook the bulls may also hold control. The weekly chart remains in a downtrend. But the bulls are now close to changing this trend. The bulls have struggled to break the region above the 26-day EMA and faced a rejection for 3 consecutive weeks. If the bulls can break above the $175.17 area and remain there until the weekend, this would be a bullish sign.
Additionally, the recent price of Ethereum’s price increase has been accompanied by a rise in bullish trade volume. The monthly chart of the ETH/USD pair is set to post a higher low point at $116.25. However, this will not be confirmed until the Ethereum bulls alter their weekly trend. Ether has good momentum. The coin is now eying the $200 area. Will ETH break above the $200 mark before the months ends? We can only wait to see.